Alpha Finance Launchpad announced support for pSTAKE, a project to increase the capital efficiency of staked assets. Similar to Lido’s ETH and SOL staking platforms, pSTAKE enables users to earn through token staking and incentive rewards for using the platform. One of the new developments of the project is the upcoming airdrop of the PSTAKE governance token, which will be distributed to the most important stakeholders in the pSTAKE ecosystem.
What is the pSTAKE project and the PTAKE token?
pSTAKE is a staking protocol developed by Persistence that unlocks the potential of Proof-of-Stake (PoS) coins. Holders can deposit assets into the pSTAKE app to mint ERC-20 tokens in a 1: 1 ratio, expressed as pTOKEN (e.g. pATOM). This token can then be transferred to other wallets or smart contracts on the Ethereum network for additional profits.
Meanwhile, PSTAKE is a governance token that is used to share transaction fees in the pSTAKE protocol. This is an ERC-20 standard token that allows holders to:
- Right to vote
- Benefit directly from the economic activity in the ecosystem by sharing the transaction fees
By owning the token, holders can participate in the administration of the protocol to ensure the long-term success of the pSTAKE project, while still receiving some of the fees generated by the application. In essence, PSTAKE has tailored the incentives for stakeholders in the pSTAKE staking ecosystem.
At the moment pSTAKE is in the process of implementing a staking system that enables users to set PSTAKE and vote on governance proposals, such as:
- Coin fee
- Stake out service for transaction fees
- Define integration parameters of the Safelist validator
- Vote for validators in the system
Owning PSTAKE will be able to accumulate value as the log generates revenue. Part of the income generated by pSTAKE is distributed to those who use coins. This regulates the preferences of the owners and ensures the security of the blockchain.
About the PSTAKE airdrop
The team recently announced that it will open an airdrop for key ecosystem stakeholders. Of this, pSTAKE will allocate 6% of the total offer and the amount of tokens distributed is based on snapshots from September 2, 2021, 7:00 p.m.
Since PSTAKE is an ERC-20 token, all eligible XPRT and ATOM holders must provide an Ethereum wallet address by sending a “Magic Transaction” from the wallet to the website to request an airdrop.
Here are the project’s airdrop recipients:
To qualify for the Airdrop, ATOM holders must have at least 100 ATOM total balance in their wallet. In addition, the team has implemented a maximum limit of 2,000 tokens / wallet. The amount released is calculated using the following formula:
For XPRT holders, in order to receive the Airdrop you must have a total of at least 100 XPRT in your wallet. With a maximum limit of 10,000 XPRT / wallet, a maximum credit of 10,000 tokens is taken into account. We have the following formula to calculate the amount of airdrop:
- The first pSTAKE users
These are the objects that play an important role in giving the application a necessary starting point for long-term development. The PSTAKE airdrop will reward these early adopters for their trust in the protocol. In addition, this group is also the group that receives the largest allocation amount, up to 2.5% of the total offer, which is evenly distributed among all eligible and early adopters. All ETH address holders with at least 10 ATOMs in their wallet at the time of the snapshot are entitled to receive the Airdrop.
- DeFi Power users
25% of the Airdrop allocation will be distributed to eligible users of the DeFi protocols. The aim is to attract more active users in the Ethereum ecosystem to participate in the pSTAKE application and thus pave the way for the use of potential future synergies with other DeFi protocols.
Reward = (PSTAKE assigned) / (number of eligible wallets)
- StakeDrop. Attendees
A total of 1.67% of the airdrops were allocated to reward all Cosmos Producers (Cosmos Producers ATOM) who participated in the Cosmos StakeDrop campaign. 0.125% of the PSTAKE will be reserved for all participants who have staked the asset through Persistence’s validation arm, AUDIT.one, and the remaining 1.545% will be distributed to all Stakerop participants.
- Strategic reserve
15.83% of the total Airdrop allocations were for the Strategic Reserve.
In addition to receiving tokens from the Airdrop, pSTAKE enables users to use stkTOKEN in various DeFi protocols to generate profits from staking rewards.
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